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Appears in Collections:Economics Book Chapters and Sections
Title: The Real (Social) Experience of Monetary Policy
Authors: Dow, Sheila
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Editors: Pixley, J
Harcourt, GC
Citation: Dow S (2013) The Real (Social) Experience of Monetary Policy. In: Pixley J, Harcourt GC (ed.). Financial crises and the nature of capitalist money: Mutual developments from the work of Geoffrey Ingham, London: Palgrave Macmillan, pp. 178-195.
Issue Date: Sep-2013
Publisher: Palgrave Macmillan
Abstract: This paper takes a socio-economic approach to considering money in relation to real experience, focusing on the real effects of monetary policy. While most of the economics literature focuses on interest-rate setting as the core tool of monetary policy, we focus here instead on signalling by the central bank as a mechanism for influencing expectations and behaviour in conditions of uncertainty. This involves addressing the social-conventional expectations among different groups (a mechanism for dealing with uncertainty) applied to their particular ways of framing the real and financial sectors. Actual credit conditions faced by borrowers in turn are the outcome of the conventional view among banks as a result of their framing and the influence of central bank signalling. These relations between central banks, banks and the non-bank public in turn normally rest on long-established relations of trust. We consider the real effects of monetary policy in circumstances where trust has broken down.
Rights: This item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. Jocelyn Pixley and GC Harcourt, Financial crises and the nature of capitalist money: Mutual developments from the work of Geoffrey Ingham, 2013, Palgrave Macmillan reproduced with permission of Palgrave Macmillan. This extract is taken from the author's original manuscript and has not been edited. The definitive, published, version of record is available here: and here:
Type: Part of book or chapter of book
Affiliation: Economics

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